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Jefferies maintained a Hold rating on Noodles & Company (NASDAQ: NDLS), and cut the price target to $5.00 (from $7.00), following the company's 3Q earnings report. While management is cautiously optimistic that trends are starting to improve as a result of recent culinary and operational initiatives, they cautioned that during 4Q they will be lapping significant discounting actions taken last year.

Analyst Andy Barish commented, "3Q essentially inline with low expectations & SSS improving slightly into Oct (but still neg); however, guide reduced again, as a small portion of its system is significantly underperforming and weighing heavily on revs & profits. Addressing this is a top priority and the team expects to move relatively quickly with closures & potential refranchisings. Meanwhile, NDLS is also finalizing an amendment to its credit facility to allow additional flexibility."

For an analyst ratings summary and ratings history on Noodles & Co. click here. For more ratings news on Noodles & Co. click here.